On July 23, Finance Minister Nirmala Sitharaman unveiled her seventh consecutive budget, breaking the previous record held by former Prime Minister Morarji Desai. The budget released is for the fiscal year 2024–25. The BJP-led NDA government has presented its first budget since winning reelection in June. In her Union Budget 2024, Finance Minister Nirmala Sitharaman announced several significant projects in the industrial, services, and agriculture sectors. She also declared significant adjustments to the income tax and capital gains tax systems.
Details Of The Budget 2024
- It was declared by Ms. Sitharaman that the 2% equalization levy will be removed. She said during the Budget Presentation that the standard deduction for salaried workers will increase to ₹75,000 from ₹50,000 in FY25 due to the new income tax regime.
- Productivity and Resilience in Agriculture, Employment and Skilling, Inclusive Human Resource Development and Social Justice, Manufacturing and Service, Urban Development, Energy Security, Infrastructure, Innovation, Research and Development, and Next Generation Reforms are the nine priorities for creating ample opportunities that were identified in the Union Budget 2024–25. Major announcements for Bihar and Andhra Pradesh were made by Ms. Sitharaman, including increased infrastructure and specific financial support. She also declared the elimination of the angel tax for all categories of startup investors.
Measures For Women In Budget 2024
During her budget statement to the Lok Sabha on July 23, Finance Minister Nirmala Sitharaman stated that the Union Budget 2024–25 included an allocation of over Rs 3 lakh crore for programs that support women and girls and encourage women-led development.
Sitharaman Lowers Foreign Corporate Tax, Updates Tax Code
#WATCH | #UnionBudget2024 | On 12.5% tax on long-term capital gains, Union Finance Minister Nirmala Sitharaman says, “…We wanted to simplify the approach to taxation – also for the capital gains. Second, if anything, the average taxation has actually come down when we say it is… pic.twitter.com/g5OpF5d8iF
— ANI (@ANI) July 23, 2024
Foreign corporations’ corporate tax rate is reduced to 35%, and the taxation of charities and cruise lines is updated. In her 2024 Budget address, Union Finance Minister Nirmala Sitharaman suggested new tax structures for international shipping businesses and charities. Further, the simplification of the tax code for corporate enterprises was also suggested. She also lowered the corporation tax rate for overseas businesses from 40% to 35%. The address by Ms. Sitharaman was slightly about ninety minutes long. According to Ms. Sitharaman, “58% of corporate tax came from the simplified tax regime in 2022-23 and more than 2/3rd of taxpayers used the new personal tax regime last year.”
FDI Rules To Be Simplified
Further, regulations governing foreign direct investment (FDI) will be streamlined to draw in more capital. The Minister said at the presentation of the Union Budget 2024–25 that the government will release a five-year vision plan for addressing the financial demands of the economy.
Empowering Middle Class And Marginalized Communities
Over the last 10 years, around 25 crore individuals have come out of poverty.
Building on this momentum, this budget will further energise the aspirations of our neo-middle class.
Our young generation will be unleashed with unprecedented opportunities.
Education and skills… pic.twitter.com/7N0DNRJ0cs
— BJP (@BJP4India) July 23, 2024
This budget will provide education and talent at a new level. The middle class will gain fresh vigor as a result of this budget. It has developed ambitious goals to uplift the backward classes, Dalits, and tribal people. Mr. Modi added that it will ensure women’s economic engagement.
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